Category: Forex

RBI asks banks to stop building positions in offshore market, say bankers

The Reserve Bank of India, seeking to arrest the rupee’s slide, is asking local banks to not build additional positions in the non-deliverable forward market, a move that could lead to offshore volatility spilling into local markets, bankers and traders said. The build-up of positions in this segment of the market is forcing the RBI […]

India is a shining star amid global economic uncertainty: Christian Sewing, CEO, Deutsche Bank

India will be the ‘shining star’ of the global economy that faces a decade of volatility amid war, inflation and supply chain disruptions, although New Delhi could make implementation of projects easier to attract more overseas investments, Christian Sewing, CEO, Deutsche Bank, told ET. Large pockets of the tightly knit global economy will likely have […]

UCO Bank in process of opening special Vostro a/c with Russian Gazprombank to facilitate trade in rupee

State-owned UCO Bank is in the process of opening a special Vostro account with Russia’s Gazprombank for settlement of trade in Rupee against the backdrop of sanctions imposed by western countries on Russia following its invasion of Ukraine. “The deal between UCO Bank and Gazprombank comes as the Reserve Bank of India implements a system […]

RBI orders Sberbank to demonstrate compliance, rejects request

The Reserve Bank of India (RBI) has rejected reconsidering Sberbank’s pay-related requests for its India CEO Ivan Nosov, ordering the Russian lender to recover the excess sum paid to him as bonuses in 2021 and comply with the directive within two weeks. “The explanation provided by the bank in the matter was examined and the […]

The bank that facilitated Iran trade back in focus as India-Russia trade expands

State-run UCO Bank will soon open open a special rupee account with Russia’s Gazprombank to facilitate growing trade between the two countries, a top official said. The bank has received the necessary approval from the regulator — the Reserve Bank of India — to open a special rupee vostro account, Soma Sankara Prasad, managing director […]

Rupee-rouble trade: Russia’s PSCB opens Re A/c with Yes Bank

Yes Bank and Russia’s Petersburg Social Commercial Bank (PSCB) have taken the lead in facilitating rupee-rouble bilateral trade that seeks to bypass the US dollar, ensuring uninterrupted cross-border business with Moscow entities amid Western sanctions on the country. PSCB, however, doesn’t feature in the list of sanctioned banks. The Russian lender, which likely escaped the […]

SBI says it’s not a nodal bank for Russia-related transactions

State Bank of India (SBI), India’s largest lender, on Thursday clarified that it has not been identified as a nodal bank for handling Russia-related transactions. The clarification by the bank came in response to reports in certain sections of media that it had been identified as nodal bank for looking after Russia-related transactions. “Concerning the […]

Five banks including SBI, ICICI in talks with Singapore’s DBS Bank to begin real-time remittance system

At least five local banks including State Bank of India and ICICI Bank are in talks with Singapore’s DBS Bank to begin a real-time remittance system with the city-state using the ubiquitous Unified Payments Interface (UPI) as the backbone, said people familiar with the matter. This will become a common remittance platform in collaboration with Singapore’s PayNow funds transfer […]

Finance ministry to hold meeting with stakeholders to push overseas trade in rupee

The finance ministry will on Wednesday hold a meeting with all stakeholders, including banks and officials of external affairs and commerce ministries, to discuss ways to promote cross-border trade in rupee instead of US dollar. The meeting, to be chaired by financial services secretary Sanjay Malhotra, is expected to see attendance from representatives of the […]

Top 10 NFT Marketplaces To Look Out For – August 2022

NFTs have had a relatively shaky position so far in 2022. Factors such as controversies, the bear market, and the crypto winter have all dissuaded plenty of people from dealing with cryptocurrency and by relation – NFTs. However, while the huge crowds may have started to disperse, the industry still keeps running. Here are 10 […]

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